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Annual Report 2018 Annual Report 2018 Lafargeholcim Is the Global Leader in Building Materials and Solutions

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Annual Report 2018 Annual Report 2018 Lafargeholcim Is the Global Leader in Building Materials and Solutions Annual Report 2018 LafargeHolcim Ltd Annual Report 2018 LafargeHolcim is the global leader in building materials and solutions. We are active in four business segments: Cement, Aggregates, Ready-Mix Concrete and Solutions & Products. With leading positions in all regions of the world and a balanced portfolio between developing and mature markets, LafargeHolcim offers a broad range of high- quality building materials and solutions. LafargeHolcim experts solve the challenges that customers face around the world, whether they are building individual homes or major infrastructure projects. Demand for our materials and solutions is driven by global population growth, urbanization, improved living standards and sustainable construction. Around 75,000 people work for the company in around 80 countries. Read the online summary at LafargeHolcim is listed on the SIX Swiss Exchange Paris, France www.lafargeholcim.com and on Euronext Paris, and is a member of Employees at one of our worksites for the Dow Jones Sustainability Indices (DJSI) the Grand Paris Express, the largest infrastructure The Sustainability Report complements this report. European Index. project in Europe (see page 36). It presents more detail on our sustainability achievements as well as progress against our sustainability strategy. Contents In this report Page Overview Chairman statement 14 12 —25 CEO letter to shareholders 16 Meet the leadership team 18 Market 20 Strategy 2022 – “Building for Growth” 22 Business Largest footprint in the industry 28 26 — 87 review Business segments Cement 30 Aggregates 34 Ready-Mix Concrete 38 Solutions & Products 42 Delivering sustainable value 46 Innovating for success 54 People 58 Health & Safety 62 Risk and control 66 Capital market information 84 Governance and Corporate governance 90 88 —139 Compensation Compensation report 114 Management Group performance 142 140 —159 discussion & Regional performance 148 analysis Financial Consolidated financial statements 163 160 —283 information Holding Company Results 266 5-year-review 280 LafargeHolcim Annual Report 2018 Overview — Contents 01 Ewekoro, Nigeria Our team in the cement plant. 02 Our momentum accelerated in the second half of 2018 during which we exceeded our sales targets, while profitability increased over-proportionally. LafargeHolcim Annual Report 2018 Overview — Introduction 03 Manta, Ecuador At our customer’s site. 04 We are well-positioned and we expect further acceleration of our momentum in 2019. LafargeHolcim Annual Report 2018 Overview — Introduction 05 06 Our strengthened high- performance culture is underpinned by values of trust and integrity. Ste. Genevieve, Missouri, USA An employee working in the warehouse. LafargeHolcim Annual Report 2018 Overview — Introduction 07 Businesses Cement Aggregates Ready-Mix Concrete Solutions & Products From classic masonry cements We offer aggregates that serve We deliver a wide range of The Solutions & Products to high-performance products as raw materials for concrete, high-performance, high-quality segment bundles offers such tailored for specialized masonry and asphalt as well as ready-mix concrete, flexibly as dry mortar, precast settings, we offer an extensive the foundation for buildings, and reliably. concrete, asphalt, paving and range of cements and roads and landfills. services that deliver targeted hydraulic binders. Read more on solutions for our customers’ Read more on P38–41 specific needs. Read more on P34–37 P30–33 Read more on P42–45 221.9 273.8 50.9 2.4 Sales (million tonnes) Sales (million tonnes) Sales (million m3) Net Sales (CHF bn) 2017: 220.2 2017: 278.7 2017: 50.6 2017: 2.3 08 Guayaquil, Ecuador With our customer at the Santana Lofts site. Previous page: New York, USA Loading operations. LafargeHolcim Annual Report 2018 Overview — Businesses 09 Performance Net Sales by Region (CHF bn) North America Latin America Europe Middle East Asia Pacific & Africa 5.9 7.6 3.1 7.4 2.7 Key Figures 2018: CHF 27,466m CHF 1,703m Net Free Sales Cash Flow 2017: CHF 27,021m 2017: CHF 1,685m CHF 6,016m 6.5% Recurring Return on EBITDA Invested Capital 2017: CHF 5,990m 2017: 5.8% Notes. Recurring EBITDA excludes restructuring, litigation, implementation and other adding the Invested Capital at the beginning of the period to that at the end of the period non-recurring costs. Free Cash Flow is defined as cash flow from operating activities less net and dividing the sum by 2 (based on a rolling 12-month calculation). The non-GAAP maintenance and expansion Capex. Return On Invested Capital is defined as Net Operating measures used in this report are defined on page 282. Key figures are presented before IFRS 16. Profit After Tax (NOPAT) divided by the average Invested Capital. The average is calculated by 10 Ada, Oklahoma, USA Job done at the cement plant. Previous page: Zurich, Switzerland At our customer's building site. LafargeHolcim Annual Report 2018 Overview — Performance 11 Overview Nairobi, Kenya Safety walk at the grinding plant. 12 Chairman statement 14 CEO letter to shareholders 16 Meet the leadership team 18 Market 20 Strategy 2022 – “Building for Growth” 22 LafargeHolcim Annual Report 2018 Overview — Contents 13 Chairman statement Your company aims to create value not only for its shareholders but also for society as a whole. Dear shareholders, – as our colleagues at the Holcim Mexico I would like to conclude my letter with a The 2018 fiscal year was marked by Foundation have done for instance in remark on an issue that is personally very significant progress in Strategy 2022 – Puebla, Mexico, by building 120 houses for important to me. We must be aware of the “Building for Growth”. families affected by the 2017 earthquake. bigger environment for our success and In India, we are the industry leader in not only consider our immediate business We grew faster than the market and reducing CO2 emissions and are known for context. As a Swiss-based company with improved the Recurring EBITDA of the extensive community services in the deep commitments to the EU and indeed company through greater efficiency and villages where we operate. It is our vision to countries around the world, we are cost discipline. After several years of to be at the forefront of sustainable perhaps especially aware of the transition and adjustments to the construction solutions and innovation, and interdependencies upon which everyone’s organizational structure, our company is for our stakeholders to see us as a well-being depends – not just now well-positioned to thrive in a growing responsible and ethical company. LafargeHolcim’s. We live up to the global building materials market. We have responsibilities that come with our the best assets in the industry and highly Respect and responsibility towards the presence around the world. We aim motivated teams all around the world to needs of all our stakeholders is part of our to be second-to-none as a steward of further capture opportunities. culture. In this context, upholding Health global prosperity. & Safety as a core value is highly While our financial results attest to a important to us. I am happy to report that My sincere thanks go of course also to our successful strategy, this only tells part of we have made a major step forward in employees around the world. They the story. Your company aims to create reaching our goal of a zero-harm culture. embody our spirit of responsibility towards value not only for its shareholders but also all stakeholders and their pride in our for society as a whole, as we have been Last year, we have also further company will be the best guarantee of doing for more than one-hundred years. strengthened our corporate governance, business success. From the Grand Paris Express in France, for instance through the creation of the currently the largest infrastructure project Ethics, Integrity & Risk Committee (EIRC), I also wish to thank our colleague Dr. in Europe, to transformative projects in which is now fully part of our governance Thomas Schmidheiny, who decided not to Ecuador and India, our products and structure. We strongly believe that with stand for re-election to the Board. In services help to improve people’s lives and our reviewed and strengthened recognition of his many years of service to spur economic growth. governance and compliance organization LafargeHolcim, my colleagues and I have we have taken all necessary measures to As a global leader in building materials, ensure that LafargeHolcim meets today’s we also contribute our expertise to best corporate governance practices. sheltering families in our communities 14 Beat Hess Chairman Corporate governance Good governance underlies our approach to creating long-term value. Read more on P90–113 decided to appoint him Honorary Chairman of the Group. His deep experience and wise counsel will be truly missed. Finally, I would like to thank my fellow Board members for their commitment and counsel and to the members of the Executive Committee for further strengthening LafargeHolcim’s role as the global leader in building materials and solutions. Beat Hess Chairman LafargeHolcim Annual Report 2018 Overview — Chairman statement 15 CEO letter to shareholders Dear shareholders, Zurich and Paris. The associated CHF 400 scheme has been implemented in all In the business year 2018, we made million SG&A savings program was countries. All initiatives are supported by excellent progress in executing our executed successfully and is delivering the launch of the new LafargeHolcim Strategy 2022 – “Building for Growth” and results ahead of target. Business School. made significant improvements to our performance. Our momentum We made strong progress towards Our progress and performance in 2018 is accelerated in the second half of 2018, closing the gap to best-in-class based on the commitment of our 75,000 during which we exceeded our sales performance in the Aggregates and employees. I thank all LafargeHolcim targets while profitability increased Ready-Mix Concrete business segments.
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